"BERKLEY POSTS GAINS IN 1ST QUARTER"

 Notwithstanding a still sluggish economy, Berkley International Plans, Inc. (BIP) announced that its assets increased to P1312 million in the quarter ended March 31, 2002. This represents a growth of 13 % from December of last year when the company registered P801 million in total assets.

In a quarterly briefing, Berkley EVP and Chief Finance Officer Daniel L. Villanueva revealed that the growth percentage translates to P101 million increase in a span of just three months. This, according to Villanueva, may be attributed to financial prudence, careful management of investment and effective expense containment.

As of end-March, BIP's investment in Trust Fund stands at P685 million or 76% of the company's total assets. Villanueva said that Berkley, as per policy, immediately puts its earnings in the Trust Fund and similar stable, relatively risk-free and high-yielding investments. This move has consistently brought in substantial profits, further fortifying the company's ability to meet its financial commitments to customers as evidenced already by the PRS Aplus rating recently given to it by the Philippine Rating Services Corporation.

Net income for the first quarter of 2002 amounted to P7.1 Million. Last year, the company closed with P30.7 million as net income, which was way above target. BIP's total assets of P801 million in 2001 also showed a significant 105% growth from 2000. BIP's books highlight steady progress and consistent compounded growth rate since its establishment in 1997.

Villanueva disclosed that 96% of investment is placed in long-term government securities. Two prestigious banks that are considered among the strongest in the industry - Deutsche Bank and ING Barings Trust and Asset Management Group - handle the company's Trust Funds.

BIP recorded P168 million premium income during the first quarter. It has maintained its stature as one of the Top 5 in the educational plan sector and in the entire pre-need industry in terms of new business for the last three years. Villanueva further declared that BIP was one of the first pre-need companies to have complied with the Securities and Exchange Commission's new capital requirement of P100 Million.

BIP is distributed in the Philippines by Family First, Inc. Both are wholly-owned subsidiaries of Berkley International, LLC, a joint venture of two insurance giants in the US --- W.R. Berkley Corporation and Northwestern Mutual.

For more information, pls. contact:
Ms. Gina D. Cruz
Corporate Communications Director
Tel. No. 755-1500 loc. 1112